The promise of $300 billion annually in climate finance for lower-income countries by 2035 — recently announced at COP29 — marks significant progress from the $100 billion commitment made in Copenhagen 16 years ago.
It also forms part of a larger target, also agreed at COP29 in Baku, Azerbaijan, as part of the new collective quantified goal, or NCQG, that mobilizes $1.3 trillion per year in financing by 2035 from public and private sources. This “Baku to Belem Roadmap to 1.3T” aims to set out the concrete actions needed to make these goals a reality.
Success hinges on collaboration between the private and public sectors. Without private sector engagement, this target will remain out of reach.
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About the authors
Wendy Walford
Wendy Walford is head of nature and climate risk at Legal & General, focusing on integrating climate and nature risks into financial frameworks. She is also a member of the Institute and Faculty of Actuaries sustainability board and co-lead of the policy track for the Net Zero Asset Owner Alliance.
Erich Cripton
Erich Cripton joined CDPQ in 2022 and relocated to the New York office in 2023. CDPQ is a global investor group with $473 billion CAD of assets under management. In New York, Erich is responsible for CDPQ’s U.S. government relations across the federal, state, and municipal level as well as managing U.S. regulatory affairs on behalf of CDPQ’s family of asset classes. In addition, Erich leads CDPQ's global thought leadership in areas focussed on sustainability and blended finance and is co-lead of the policy track for the Net Zero Asset Owner Alliance.
